OK. We received our discharge notice August 3, 2005. Then we received a relief from stay from our mortgage company. The court ruled that it was not valid due to the information in the petition. The mortgage company then refiled 10 days later for a relief from stay. The hearing was to take place on Sept 22, 2005. We did not attend, as we agreed to turn back our house to the mortgage company when we had our 341 meeting. The question I have -what happens now? We had to rent our house when we relocated for work, and could not sell it. It has a current renter. Does the mortgage company foreclose, or just list it for sale? We do have a management company overseeing the rental as we live over 260 miles away. The rent is less than the mortgage payment. Also, we have a 2000 ford taurus that we were upside down on...Ford Motor Credit did not seek a relief from stay. Does this mean that they will not take the car? If they do not take the car, who holds the title? Thanks for all of you out there helping others like me through this difficult time. (by the way, my husband and I filed our BK on our own).
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My understanding is discharge ends the automatic stay, so no motion for relief is required. Regarding taking the house back, each state has different laws/regulations on how the lender must proceed. (Your rent may be able to buy it though.) Regarding Ford, they should be able to come for it at any point.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision. -
Gwfry
StaciMM
so what yu are saying is that Ford can come and get the car even though my debt to Ford was discharged?Comment
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Your debt to Ford was discharged, but you do not get to keep their property (the car) without paying for it. If you want to keep secured property (vehicle, home, etc.) you have to keep paying for it. Which all means the car is theirs, you don't owe them anything more. Let's say you owed $10,000 and they sold the car for $5,000. Normally, they would come after you for the difference but the BK discharged that obligation.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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In short, YES.Originally posted by GWFRY
The reason being, a debt and a lien are two different things under the law. Your "debt" to Ford Motor has been discharged in the BK, but Ford's lien on your car survives. Thus, unless you keep paying, they have the absolute right to repo the car. Honestly, did you really think bankruptcy provided a free lunch?Last edited by HHM; 09-30-2005, 11:56 AM.Comment
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Thanks!
Thanks for the clarification...too bad the car is not worth much!Comment
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If you do want/need the car, you may be able to work something out with Ford. Most likely they DON'T want it back afterall.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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